Domestic bullion has started 2024 on a negative note as the price of 24-karat gold has dropped by Rs4,500 per tola to Rs215,500 in January.
The move lower comes amid a drop in international prices and the continuous strengthening of the Pakistani rupee (PKR).
In today’s session, domestic gold snapped its two-day winning streak, with the 24-karat gold witnessing a decline of Rs600 per tola.
The Karachi Sarafa Association reported that 10-gram 24-karat gold was being sold at Rs184,756, showing a rise of Rs515 from the previous day.
While the price of 10-gram 22-karat gold was reported at Rs169,360.
Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.
International spot gold is currently trading at $2,040.19 [1:44pm PST], up by 0.16% compared to the previous session’s closing.
However, the rate reported by the association stood at $2,055, down by $2 compared to the previous day’s rate.
It is important to mention that the international spot rate is currently down by 1.11% this month driven by expectations of a rate cut by the U.S. Fed.
However, with escalating tensions in the Middle East and diminishing hopes of rate cut, the appeal for safe-haven assets has risen, signaling a bullish trend for gold.
